Asia-Pacific: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Asia-Pacific

In 2021, the Asia-Pacific sauce and seasoning market decreased by -3.5% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The level of consumption peaked at $X in 2020, and then contracted slightly in the following year.

Sauce And Seasoning Production in Asia-Pacific

In value terms, sauce and seasoning production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 13% against the previous year. The level of production peaked at $X in 2020, and then contracted in the following year.

Sauce And Seasoning Exports

Exports in Asia-Pacific

In 2021, approx. X tons of sauces and seasonings were exported in Asia-Pacific; surging by 13% on the year before. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +19.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 22% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, sauce and seasoning exports skyrocketed to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +99.7% against 2012 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the major exporter of sauces and seasonings, achieving 37% of total exports. Thailand (X tons) ranks second in terms of the total exports with a 21% share, followed by Japan (6.9%), South Korea (6.2%) and Hong Kong SAR (4.6%). The following exporters - Indonesia (X tons), Malaysia (X tons), the Philippines (X tons), Vietnam (X tons), Taiwan (Chinese) (X tons), Singapore (X tons), Australia (X tons) and New Zealand (X tons) - together made up 22% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +10.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest sauce and seasoning supplier in Asia-Pacific, comprising 39% of total exports. The second position in the ranking was taken by Thailand ($X), with an 18% share of total exports. It was followed by Japan, with a 9.8% share.

In China, sauce and seasoning exports increased at an average annual rate of +12.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+7.0% per year) and Japan (+5.7% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, picking up by 5.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2019 when the export price increased by 14% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.2%), while the other leaders experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports in Asia-Pacific

Sauce and seasoning imports expanded sharply to X tons in 2021, growing by 9.8% against the previous year. The total import volume increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports expanded remarkably to $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +60.7% against 2013 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the twelve major importers of sauces and seasonings, namely Australia, South Korea, Hong Kong SAR, Japan, the Philippines, China, Singapore, Malaysia, Thailand, Indonesia, Taiwan (Chinese) and New Zealand, represented more than two-thirds of total import.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +20.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Japan ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2021, with a combined 38% share of total imports. South Korea, China, the Philippines, Singapore, Malaysia, Taiwan (Chinese), New Zealand, Thailand and Indonesia lagged somewhat behind, together comprising a further 50%.

China, with a CAGR of +10.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, surging by 1.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2018 when the import price increased by 6.5% against the previous year. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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